Research On Earnings Management In Jilin Chemical Fiber Corporation's Protection Of Listing Qualification

Under the current background of China's capital market system,the listing system implements the approval system,and the company's road to listing is long and difficult.Once it is successfully listed,it will bring many benefits to the company,which will not only broaden the financing channels and enhance the status of the company in the industry.,but also optimize the corporate governance structure.Therefore,listed companies value and treasure the resources of "shell"(qualification of listed companies).When there are problems with the operating and financial status of listed companies,and even if it is difficult to meet regulatory requirements for several consecutive years,corporate management may have strong incentives for earnings management,and then pay for actions to use various methods and resources for earnings management.To achieve the purpose of "protecting the shell." However,the current domestic delisting system is weak and may even fail,which provides an opportunity for the listed companies to manage their earnings to “protect the shell”.The case study method was adopted in this thesis,and Jilin Chemical Fiber Co.,Ltd.was the case study object.It focused on the analysis of its current delisting system as a precondition.In the case of continuous loss of operating profit of 8 years between 2008 and 2015,it was “ingenious”.Every three years(2009,2012 and 2015),small profits can be evaded supervision,and finally completed its position in the securities market.The author analyzes the financial situation behind this phenomenon in detail and finds that Jilin Chemical Fiber behind the incident has repeatedly used “seeking government subsidies,debt restructuring,private placement,and impairment reversal” to perform earnings management.Then,a multivariate judgment model was introduced to judge the earnings management of Jilin Chemical Fiber,and the results obtained are mutually corroborative with the findings of this paper.Based on the previous article,the United States will learn from the more mature delisting system in the US securities market,discuss how to improve the delisting system with weak regulatory effect in China,and put forward delisting policy recommendations such as strengthening early warning of delisting and increasing restrictive indicators.Maintain the healthy operation of the securities market.